Posts tagged Consolidated Appropriations Act of 2021.
Posted in Financial Relief
The Consolidated Appropriations Act of 2021, enacted late last year, includes several tax related changes and incentives affecting businesses.
Congress overruled guidance from the Internal Revenue Service to provide that expenses paid with Payroll Protection Program loans (PPP) will be deductible even if the PPP loans are forgiven. The new law also clarifies how forgiveness works in the context of a partnership or S corporation.
Congress modified the Employee Retention Credit in two important ways. First, businesses that receive PPP loans may now qualify for the employee ... Read More
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